Why Is India Buying Russian Crude Oil?

#crudeoil #russia #oil #sjaishankar #externalaffairsminister #India #oil #russia #easynomics #businesstodaytv #siddharthzarabi
India will continue to buy crude oil from Russia as it is to its advantage. Since April this year, India has purchased nearly 15 percent of its total oil from Russia, which has now become the third-largest supplier, with a total import worth nearly $16 billion. The amount of discount is over 7 percent. The US and other nations in the world may not appreciate India buying Russian oil, but they have accepted it as New Delhi has not been defensive about its stand but made them realise the obligation the government has to its people amidst "unreasonably high" oil and gas prices, External Affairs Minister S Jaishankar has said. He has defended India's decision to buy discounted Russian oil amid Moscow's ongoing war with Ukraine, saying many suppliers of India have diverted their supplies to Europe, which is buying less oil from Russia. “When it comes to Russian oil, India’s monthly purchases amount to less than what Europe buys in an afternoon. “If you're looking at energy purchases from Russia, I'd suggest that your attention should be focussed on Europe. We do buy some energy, which is necessary for our energy security. But I suspect, looking at figures, our total purchases for the month would be less than what Europe does in an afternoon,” said Jaishankar.

In FY22, India bought around 2.4% of its overall oil imports in volume terms from Russia, while in FY21, it was just 1.7%. U.S. Treasury Secretary Janet Yellen revealed in September that Russia is heavily discounting oil for emerging economies. India will "benefit" from the proposed price cap on oil, Treasury Secretary Janet Yellen has said, arguing that the United States does not want Russia to "profit unduly" from the war by enjoying prices that are essentially very high due to its Ukrainian invasion. Developing countries like India and China have been increasingly buying discounted Russian oil as global energy prices remain high and Western nations seek to scale down their reliance on Russian energy. “We want Russian oil to continue to supply global markets; stay on the market. But we want to make sure that Russia doesn't profit unduly from the war by enjoying prices that are essentially very high due to the war,” Yellen told PTI in an exclusive interview on Monday ahead of her trip to India later this week.

India’s oil purchase from Russia and the Ukrainian invasion is expected to be significant topics of discussion during her India trip, where Yellen is travelling to primarily co-chair the US-India Economic and Financial Partnership (EFP) dialogue along with her Indian counterpart Union Finance Minister Nirmala Sitharaman. “Our objective is to hold down the price that Russia receives for its oil and keep that oil trading. The gainers from this will be particularly those countries that do buy cheap Russian oil, and our hope would be that India would take advantage of this price cap, though its firms are bargaining with Russia,” Yellen said.
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[varunsaw]

THIS reporters have to do home work. Iraq was India's top crude oil supplier before Russia grab the first position. Saudi is India third highest energy supplier... 😑😑😉

[plr]

In what way has the cheaper imports helped the citizens of the country? The retail price of petroleum products has not reduced till date, other than government coffers filled up due to levy of windfall tax on the refiners who imported the crude, processed it and sold it in the global market. Government has not passed on quantifiable benefits. The only thing that comes to mind in extending free foodgrains to the poor. What did the tax paying citizen get?

[satyam-evajayate]

What can be explained in a short sentence, here you hear for 10 plus minutes. Most unproductive show!

[aruproy]

Why don't to you talk US provide aram to Ukraine when you are so excited about US Treasury secretary's comments

[Vladimirprotein]

After seeing the headings i asking myself, why m I using soap while bath